Citibank
History
Citibank, a division of Citigroup, is an American multinational investment bank and financial services corporation headquartered in New York City. The bank was founded in 1812 as the City Bank of New York, later becoming First National City Bank of New York.
In the early 20th century, Citibank started its expansion into overseas markets, establishing branches in Buenos Aires, Argentina, and in Rio de Janeiro, Brazil. By the 1970s, Citibank had established a significant presence in Europe and Asia, and had become one of the largest banks in the world.
Services
Citibank provides a wide range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management. It operates through several business segments: Global Consumer Banking (GCB), Institutional Clients Group (ICG), and Corporate/Other.
Global Presence
Citibank has over 2,600 branches in 19 countries, with 723 branches in the United States and 1,494 branches in Mexico, operated by its subsidiary Banamex. The U.S. branches are concentrated in six metropolitan areas: New York City, Chicago, Los Angeles, San Francisco, Washington, D.C., and Miami.
Controversies and Legal Issues
Over the years, Citibank has faced several controversies and legal issues. These include involvement in the financial crisis of 2007–2008, allegations of money laundering, and issues related to customer privacy.